novation

novation

[noh-vey-shuhn]
noun
1.
Law. the substitution of a new obligation for an old one, usually by the substitution of a new debtor or of a new creditor.
2.
the introduction of something new; innovation.

Origin:
1525–35; < Latin novātiōn- (stem of novātiō) a renewing, equivalent to novāt(us) (past participle of novāre to renew, derivative of novus new) + -iōn- -ion

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World English Dictionary
novation (nəʊˈveɪʃən)
 
n
1.  law the substitution of a new obligation for an old one by mutual agreement between the parties, esp of one debtor or creditor for another
2.  an obsolete word for innovation
 
[C16: from Late Latin novātio a renewing, from Latin novāre to renew]

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